Dubai Aerospace Enterprise (DAE), the global aviation services company, has announced a $780 million of new financing as it continues to navigate an industry devastated by the impact of the pandemic.
The senior unsecured term financings have a weighted average maturity of 7.7 years across two transactions, each underwritten by a leading bank in the region, the company said in a statement.
It also announced an $800 million 24-month revolving credit facility maturity extension from 2023 to 2025.
These financing actions will further enhance the company’s liquidity strength, DAE added.
Firoz Tarapore (pictured below), CEO of DAE, said: “These new financings and facility extensions underscore DAE’s commitment to maintaining exceptional liquidity and a strong balance sheet as we navigate challenging trends in the aviation industry.
“This, combined with the diversity of our approximately 400 lender and investor relationships, has allowed us to operate confidently during the period.
“Our capital strength along with capital from our managed asset mandates has allowed us to provide over $3 billion of purchase commitments to our airline clients and original equipment manufacturers during the pandemic.”
In February, DAE revealed profits for last year of $584 million, down over 26 percent compared to 2019.
DAE’s aircraft leasing division has an owned, managed, committed and mandated to manage fleet of approximately 425 Airbus, ATR and Boeing aircraft with a fleet value exceeding $16 billion.
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